Iowa Code 558A.4 – Required information
Current as of: 2023 | Check for updates
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1. a. The disclosure statement shall include information relating to the condition and important characteristics of the property and structures located on the property, including significant defects in the structural integrity of the structure, as provided in rules which shall be adopted by the real estate commission pursuant to section 543B.9. The rules may require the disclosure to include information relating to the property’s zoning classification; the condition of plumbing, heating, or electrical systems; or the presence of pests.
b. The disclosure statement may include a report or written opinion prepared by a person qualified to make judgment based on education or experience, as provided by rules adopted by the commission, including but not limited to a professional land surveyor licensed pursuant to chapter 542B, a geologist, a structural pest control operator licensed pursuant to section 206.6, or a building contractor. The report or opinion on a matter within the scope of the person’s practice, profession, or expertise shall satisfy the requirements of this section or rules adopted by the commission regarding that matter required to be disclosed. If the report or opinion is in response to a request made for purposes of satisfying the disclosure statement, the report or opinion shall indicate which part of the disclosure statement the report or opinion satisfies.
Terms Used In Iowa Code 558A.4
- Commission: means the real estate commission created pursuant to section 543B. See Iowa Code 558A.1
- Contract: A legal written agreement that becomes binding when signed.
- operator: means any person other than one who is tax exempt under section 501(c)(3) of the Internal Revenue Code, as defined in section 422. See Iowa Code 557B.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Transferee: means a person who is acquiring real property as provided in an instrument containing the power to transfer real estate, including an instrument described in section 558. See Iowa Code 558A.1
- Transferor: means a person who is transferring real property as provided in an instrument containing the power to transfer real estate, including an instrument described in section 558. See Iowa Code 558A.1
2. a. A transferor subject to the requirements of section 558.70 shall recommend in writing that the transferee obtain an independent home inspection report to provide full and complete information as required to be disclosed under this section and under rules adopted by the real estate commission pursuant to section 543B.9.
b. A transferor subject to section 558.70 shall provide the real estate disclosure statement required by this chapter at least seven days before the real estate installment sales contract is executed by all parties to the contract.